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...Last year, Aramco acquired a 10 per cent stake in Shenzhen-listed Rongsheng Petrochemical for $3.6bn and entered a venture with two other Chinese companies to build a 300,000 b/d refinery and petrochemicals...
...The industry has also recently taken several large companies public, including dermatology business Galderma and fashion retailer Douglas....
...d this year and 1.8mn b/d in 2025....
...d to 13mn b/d by 2027....
...US production rose by roughly 1.5mn b/d to a record 13.5mn b/d in 2023 while that of Iran increased to an average of roughly 3.9mn b/d from about 3mn b/d a year earlier, said Claudio Galimberti, North America...
...The IEA predicts oil demand will grow by 1.2mn b/d, about half the pace of 2023, while Opec believes demand growth will be higher at 2.2mn b/d....
...No mention of the B-word, then....
...“They have 3mn b/d of spare capacity now so what is the rush of increasing production capacity to 13mn b/d.”...
...The IEA added that record output from the US, Brazil, Guyana and Canada would help boost global supply this year by 1.5mn b/d to a record 103.5mn b/d....
...“It’s a whole new way of treating the skin,” says d’Ornano. “We are just at the beginning.”...
...The group of senior class A and subordinate class B bonds are securitised at the operating companies....
...Opec expects over 2mn b/d additional demand growth this year. That is nearly twice the IEA’s estimate, and makes the Saudi Aramco decision look odd....
...cash-pay; d) something else....
...The IEA forecasts crude consumption to increase by 1.3mn barrels per day this year while Opec this week maintained its growth estimates of 2.25mn b/d for 2024....
...The IEA now expects oil demand growth to tumble from a year-on-year rate of 2.8mn b/d in the third quarter of 2023 to 1.9mn b/d in this quarter....
...I’d want to see comparisons of leadership today to financial performance a decade hence. A single financial measure is not nearly enough, and operating margins are a particularly bad choice....
...The figures top the 12.9mn b/d estimated in 2023 — itself a record, surpassing levels reached before the Covid-19 pandemic....
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...This was expertly covered in MainFT upon release, but we thought we’d take the chart-curious through an extended parsing of the report....
...d by 2027.The multi billion dollar investment programme had set the Saudi Arabian producer apart from much of the industry, where spending on oil production is generally falling due to concerns about climate...
...cut by 211,000 b/d and 135,000 b/d respectively....
...It produced 1.16mn b/d in the US in the quarter versus 895,000 b/d previously, boosted in part by its acquisition of PDC Energy....
...Before the incident, Exxon pumped 45,000 barrels a day out of the country; afterwards it dropped to 15,000 b/d....
...Instead, investors were given a “Plan B” for cheaper cars that will be made on existing production lines and systems to help cut Tesla’s spiralling costs as it shifts billions of dollars worth of investment...
...Now the US produces almost 20mn b/d of petroleum, roughly on par with consumption. Imports from the Gulf have plummeted, and the US became a net oil exporter for the first time in 2019....
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